Bank of America Corp (NYSE:BAC) posted a mixed earnings report for the second quarter, with profit ahead of expectations while revenue fell short.
Profit was up 3% year-over-year at $7.12 billion or $0.89 per share, ahead of the consensus of $0.86.
Revenue of $26.61 billion was short of the Wall Street consensus of $26.72 billion, driven by net interest income underperforming expectations.
Bank of America is the only major US bank to report a revenue miss so far this earnings season.
Net interest income rose 7% from the year-ago quarter to $14.67 billion, shy of analyst expectations of $14.77 billion at the midpoint.
“We delivered another solid quarter, with earnings per share up 7% from last year,” Bank of America CEO Brian Moynihan said. “Net interest income grew for the fourth straight quarter, reflecting eight consecutive quarters of deposit growth and 7% year-over-year loan growth.”
The CEO added that consumers remained resilient and the bank continues to see momentum in its markets business.
“So far this year, we have supplied more capital to our businesses and returned 40% more capital to shareholders in the first half of this year than last year,” Moynihan said.
Shares of Bank of America added 0.6% at about $46 in early trade on Wednesday.